at a Glance
In 2025, GAS Arabian Services delivered disciplined growth, strengthening its backlog position and cash-generation profile while completing its successful transfer to the Saudi Exchange Main Market (Tadawul). The Company secured major pipeline EPC awards linked to new independent power projects, progressed core packages across the national gas network, and expanded its aftermarket footprint through strategic stakes in sealing and testing services.
Operational Highlights
201m
New contract
awards (value)
1,762m
Total EPC
projects (count)
Completed Projects: 61
Ongoing Projects: 9
1,983m
Where We Operate
GAS Arabian Services (“GAS”) operates as a truly Kingdom-wide platform for technical services, trading and in-kingdom manufacturing. From our Head Office in Dammam and regional branches in Jubail and Yanbu, we mobilize field crews, JV service teams and project managers to every major industrial cluster in Saudi Arabia. Our footprint is designed around customer uptime: proximity to plants, a deep local supply chain, and a manufacturing facility that can engineer, assemble, test and deliver complex skids and systems on compressed timelines.
National network anchored in the Eastern Province
Head Office Dammam
Corporate functions, engineering, project management and central logistics.
Regional branches – Jubail & Yanbu
Front-line technical services and on-site project delivery for the petrochemical and refining complexes on the Gulf and Red Sea coasts.
GAS Arabian Metal Tech (GMT) Factory – Dammam
A 30,000 m² advanced facility integrating manufacturing, storage and testing, supported by dedicated loading/unloading equipment (overhead and forklift cranes) and specialist coating capability. The plant offers engineering, inspection, welding, coating, non-destructive testing and hydrostatic testing services in-house.
Business mix by segment
Our three-segment model provides breadth of capability close to customer operations
Revenue Contribution
GAS recorded total revenue of SAR 1.44 billion in 2025, with a pronounced geographic concentration in the Eastern Province, contributed the highest share underscoring its position as the company's primary operational and industrial hub. The Central Region provided a significant secondary contribution.
2025 in Review
In 2025, we executed with discipline, deepened localization, reinforced governance, and delivered resilient performance; positioning GAS Arabian Services for sustained value creation and long-term growth as a Main Market company.
Governance Foundations
GAS formed its Audit Committee; appointed the Chairman and Vice-Chairman; constituted Board committees; and named official Company Representatives.
Project Award with Yamama Cement
New project secured with Yamama Cement Company, strengthening our energy services portfolio.
YRP Phase II Sign-Off
Received project sign-off from Yamama Cement Company for fuel supply to YRP Phase II (Saudi Aramco battery limit).
Rising Star Recognition
EFG Hermes recognized GAS as a rising star in Saudi Arabia’s industrials space in its latest equity research report.
Valves Manufacturing JV
Signed a joint venture with BONOMI (Italy) to establish a valves manufacturing company in the Kingdom of Saudi Arabia.
Transition to Main Market
Submitted the formal request to transition GAS to the Saudi Exchange Main Market.
Transfer Document Published
Issued the Transfer Document in support of the planned Main Market listing.
Main Market Listing (TASI)
Began trading on the Saudi Exchange Main Market (TASI) on 9 October 2025.
Strategic Equity Investments
Signed binding agreements with Future Prospects for O&M Co. and purchase a 12.90% stake in EagleBurgmann Saudi Arabia Co. Ltd. (EBKSA) and a 40% stake in TCR Arabia Co. Ltd. (TCR).
Our Investment Case
GAS Arabian Services ("GAS" or "the Company") presents a differentiated investment opportunity anchored in its diversified business model, strong exposure to structurally growing sectors within the Kingdom, expanding backlog visibility, and disciplined operational execution. As a Main Market listed company, GAS combines scale, technical depth, and localization capabilities to support sustainable earnings growth and long-term value creation.
The Company's investment case is underpinned by the following key pillars:
• Strong Exposure to Structurally Growing End Markets in Saudi Arabia
• Diversified and Integrated Business Model
• Growing Backlog and Revenue Visibility
• Established Customer Base and Strategic Partnerships
• Localization and In-Kingdom Manufacturing Advantage
• Scalable Operating Platform with Operational Leverage
• Disciplined Financial Management and Balance Sheet Strength
• Experienced Management and Governance Framework
Stakeholder Engagement
At GAS Arabian Services, stakeholder engagement is a core element of our operating model and governance framework. We recognize that long-term value creation depends on maintaining strong, transparent, and constructive relationships with the stakeholders who influence, and are influenced by, our activities across the energy, industrial, and infrastructure sectors.
Stakeholder engagement at GAS is conducted through structured and ongoing dialogue mechanisms that support effective decision-making, risk management, and sustainable growth. Engagement outcomes are reviewed by executive management and, where materials are considered at Board level to ensure alignment with strategic priorities, regulatory obligations, and national development objectives.
Stakeholder
Group
2024–2025
engagement
highlights
Shareholders
and Investors
Shareholders and investors provide capital and long-term support for GAS’s growth strategy. Their confidence depends on financial performance, transparency, governance standards, and clarity of strategic direction
• Annual General Meetings (AGMs)
• Periodic financial disclosures via Tadawul
• Investor presentations and earnings updates
• Direct engagement with institutional investors and analysts
• Corporate website and investor communications
• Financial performance and profitability
• Revenue visibility and backlog development
• Growth strategy and business mix
• Capital allocation and balance-sheet discipline
• Corporate governance and compliance
• Strong investor focus on revenue growth, expanding backlog, and technical services performance
• Engagement surrounding the Company’s transfer to the Saudi Exchange Main Market (TASI)
• Increased dialogue on earnings quality, operational leverage, and recurring revenue streams
GAS will continue to enhance investor communication and disclosure practices, supporting transparency and long-term investor confidence as a Main Market listed company.
Customers and
strategic partners
GAS’s customers operate critical assets across oil, gas, power, and industrial sectors. Reliable execution, safety performance, and technical capability are essential to maintaining long-term relationships and repeat business.
• Long-term contracts and framework agreements
• Dedicated project management and governance structures
• Regular coordination meetings and site reviews• Performance evaluations and post-project assessments
• Collaboration through joint ventures and technology partnerships
• Project execution and delivery schedules
• Health, safety, and environmental performance
• Quality assurance and technical standards
• Localization and in-kingdom capability development
• Cost efficiency and operational reliability
• Continued delivery of complex projects across technical services and manufacturing
• Strengthened collaboration with strategic partners to support customer localization objectives
• Expanded local fabrication and service capabilities aligned with customer requirements
GAS will continue to deepen customer relationships by enhancing execution capabilities, expanding local manufacturing, and supporting customers’ long-term operational needs.
Employees
and contractors
GAS’s people are central to operational excellence and project delivery. A skilled, engaged, and safety-focused workforce supports sustainable growth and execution quality.
• Performance management and appraisal systems
• Training and development programs
• Health and safety briefings and audits
• Internal communications and leadership engagement
• Workforce planning and talent development initiatives
• Occupational health and safety
• Technical skills development and training
• Saudization and national talent development
• Performance, engagement, and retention
• Ethical conduct and compliance
• Workforce expansion in line with project growth
• Continued investment in technical and safety training
• Focus on building national talent to support long-term capability development
GAS will continue to invest in its workforce, strengthening technical skills, safety culture, and leadership capabilities aligned with business growth.
Suppliers and
service providers
A reliable and resilient supply chain is critical to timely project execution, quality assurance, and cost control.
• Supplier prequalification and evaluation processes
• Transparent procurement and contracting practices
• Performance monitoring and audits
• Ongoing coordination and technical alignment
• Quality and reliability of supply
• Ethical sourcing and compliance
• Localization and local supplier development
• Cost efficiency and supply-chain resilience
• Increased engagement with local suppliers to support localization objectives
• Strengthened supplier performance monitoring to support project delivery
• Focus on long-term partnerships aligned with operational requirements
GAS will continue to develop its supplier base, emphasizing quality, localization, and long-term value creation.
Regulators and
government entities
Compliance with laws, regulations, and governance requirements is fundamental to GAS’s license to operate and reputation as a listed company.
• Timely regulatory filings and disclosures
• Ongoing compliance reporting and audits
• Direct engagement with regulatory authorities as required
• Internal compliance monitoring and controls
• Financial reporting and disclosure
• Corporate governance compliance
• Market transparency and investor protection
• Health, safety, and environmental regulations
• Enhanced disclosure and compliance practices following Main Market listing
• Continued focus on governance effectiveness and regulatory alignment
GAS will maintain proactive engagement with regulators and continuously strengthen its governance and compliance framework.
Communities
and society
As a Saudi-based company, GAS plays a role in supporting economic development, job creation, and national industrial objectives.
• Local employment and training initiatives
• Support for localization and in-kingdom value creation
• Responsible operational practices across project locations
• Alignment with Vision 2030 objectives
• Employment and skills development
• Local procurement and manufacturing
• Economic contribution
• Environmental responsibility
• Contribution to national industrial growth through local services and manufacturing
• Support for employment and capability development across operating regions
GAS will continue to align its operations with national priorities, contributing to sustainable economic development and community value.
